The Strategic Banking Corporation of Ireland (SBCI) and Finance Ireland have today announced a new €75m funding facility aimed at SMEs.

Finance Ireland has operated as a non-bank on-lender for the SBCI since 2015. It will use the new funding tranche to continue to expand its hire purchase, leasing, working capital and agri asset finance offerings to SMEs.

Three years ago, Finance Ireland was apportioned €51m in SBCI funding to deploy. That amount has now been fully drawn down by Irish SMEs. The new funding comprises a six-year facility from SBCI.

Finance Ireland said that it will act as on-lender of the €75m to provide Irish SMEs with lower-cost funding and flexible financing at competitive market rates.

SBCI chief executive Nick Ashmore said that the SBCI has already committed substantial funding and guarantees, to help SMEs grow jobs and to meet the need for a more competitive, dynamic market for SME funding.

In Association with

“We are increasing our support to Finance Ireland, which will help drive competition in Irish SME lending, making it easier and cheaper for them to access the finance they need to succeed,” Ashmore added.

Billy Kane, Finance Ireland founder and chief executive, said that his firm was delighted to further its relationship with the SBCI.

“The SBCI funding has been a significant benefit to the many hundreds of SME customers we deal with on a daily basis, and this new facility will ensure that benefit continues into the future. SME leasing and agri finance are important drivers in the growth of Finance Ireland.”

Photo: (from right) Nick Ashmore and Billy Kane with minister of state Michael D'Arcy (Pic: Colm Mahady/Fennell's)